Wednesday, 4 November 2015
Tuesday, 3 November 2015
CNX-NIFTY--A TECHNICAL OBSERVATION---4-11-2015
CNX-NIFTY
Closed at 8060.70 on 3-11-15.(Open-8086.35/High-8100.35/Low-8031.75)
Support:-8055/ 8044/7997/7960/7940/
7840/7759/ 7723.
Resistance:-8065/8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.
After six days of fall it had a weak
up day today but anyway this pull -back
move may last for another 2-3 days and
possibly could exhaust at 8126/8166/8207 levels or may end abruptly also at the
current level, so be watchful. Please note that it will gain strength only once
it closes above 8135(it changes every day) and then above 8195.65 and sustain
it for at least 3-4 days. Since the present trend is down therefore it is
suggested to avoid long call now but those who wish to take advantage of the
pull back move may try long call above 8066 with a strict stop loss of below
8044, it could be a risky trade mind you.
Please note that long call should be completely avoided for the rest of the on-
going week if it starts trading below 8044 and below 7930 for the entire month
of November-2015 till it bounces back above this mark again and sustain.
The bias is down now therefore break below these points can be used for
initiating short trades with stop loss of above 8070 and 7970 respectively.
Remark:-The long term
trend is down and the short term trend is also threatened therefore it is
suggested to avoid long call now .Short call can be tried as suggested above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
CNX-BANK NIFTY--A TECHNICAL OBSERVATION---4-11-2015
CNX--BANK NIFTY
Closed at 17325.60 on 3-11-15.
Support:-17246/17174/16670/16648/16192/15762.20.
Resistance:- 17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.
After yesterdays up day it had a down
day today, so it has made a lower top of 17354.50 on the line chart but since
the bottom is intact therefore it can be assumed that the pull back move is
still on till it break and close below the bottom of 17212.20 on the line chart
and below the bottom of 17170.35 on the bar chart or it may end near
17499/17600/17740 level (see my post for 2-11-2015). Since the present trend is
down therefore it is suggested to avoid long call but those who wish to take
advantage of the pull back move may try long call only above 17360 with a
strict stop loss of below 17260, it could be a risky trade mind you. Therefore
it is suggested to try short call instead if it consistently trades below 17354
with a stop loss of above 17500 or below 17212 &17170 for sure with a stop
loss of above 17270. Please note that it will show some strength if it closes
above its last long term moving average point of 17535(it changes every day)
and sustain it for at least 3-4 days.
Please also note that long call should be avoided for the
rest of the on- going week if it starts trading below 17170 and below 17111 for
the entire month of November-2015 till it bounces back above this mark again and
sustain. The bias is down now therefore
break below these points can be used for initiating short trades with stop loss
of above 17270 and 17190 respectively.
Remark:-The long term
trend is down and short and intermediate trend is severely threatened therefore
it is suggested to avoid long call instead it would be safe to try short call as
suggested above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
Saturday, 31 October 2015
CNX-NIFTY--A TECHNICAL VIEW--2-11-2015
CNX-NIFTY
Closed at 8065.80 on 30-10-15.
Support:-8065/8055/ 7997/7960/7940/
7840/7759/ 7723.
Resistance:-8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.
It has been falling for last five
days and as expected it broke and closed below its last long term moving
average support point of 8137 and recent important bottom of 8088.60, which is
a bad sign and indicates that it may give good intensity fall in coming
days/weeks. Since it is falling strait for last five days and it has cluster of
support in the range of 8040---7930 it may stage a short pull back rally from
this range before it encounters further fall, therefore it is advised to have a
balanced trading approach here. It will trigger fresh fall once it breaks 7930
level and sustain and this is likely happen in coming days. Please note that long call should be avoided for the entire week
starting from 2-11-2015 if it starts trading below 8044 and below 7930 for the
entire month of November-2015 till it bounces back above this mark again and
sustain. The bias is down now, so these points should be used for
initiating short trades.
Down move is on therefore it is
suggested to avoid long call now but those who wish to take advantage of an
expected pull back rally( it may happen here or may happen later) may initiate
long call keeping the above points and range in mind. It is important to
mention here that the pull back rallies are treacherous in nature and can trap
you unaware therefore long trade should be handled with extreme caution and
care. Kindly note that it will show strength only if it closes above 8137(it
changes every day) and then above 8195.65 and sustain for at least 3-4 days
which seems difficult at this point of time. Therefore in overall view it is suggested to try short call on the rise
near 8137 and then near 8195.65 with a stop loss of above 8220 or below 8044
with a stop loss of above 8100 on 2-11-2015.
Remark:-The long term
trend is down and the short term trend is also threatened therefore it is
suggested to avoid long call now .Short call can be tried as suggested above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
CNX-BANK INDEX--A TECHNICAL VIEW---2-11-2015
CNX--BANK NIFTY
Closed at 17354.50 on 30-10-15.
Support:-17246/17174/16670/16648/16192/15762.20.
Resistance:- 17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.
After four days of fall it had an up
day today and this pull back move may last for another 1-2 days and possibly
may end at 17499/17600/17740 levels or before. Since it is in downtrend now
therefore it is suggested to avoid long call for sure but those who wish to
take advantage of this pull back move can initiate long call above 17355 with a
stop loss of below 17200 or near 17246 with a stop loss of below 17170(it could
be a risky trade). It is important to mention here that the pull back rallies
are treacherous in nature and can trap you unaware, therefore long trade if
initiated should be handled with extreme caution and care. Please note that it
will show some strength if it closes above its last long term moving average
point of 17540(it changes every day) and sustain it for at least 3-4 days which
seems difficult at this point of time. Therefore it is suggested to try short call
instead on the rise near 17540—17650 range with a stop loss of above 17750 or if
it consistently trades below 17350 with a stop loss of above 17450 or below
17170 for sure with a stop loss of above 17250.
Please note that long call should be avoided for the
entire week starting from 2-11-2015 if it starts trading below 17170 and below 17111
for the entire month of November-2015 till it bounces back above this mark again
and sustain. The bias is down
now.
Remark:-The long term
trend is down and short and intermediate trend is severely threatened therefore
it is suggested to avoid long call. It would be safe to try short call as
suggested above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
Thursday, 29 October 2015
CNX--NIFTY--A TECHNICAL VIEW--30-10-2015
CNX-NIFTY
Closed at 8111.75 on 29-10-15.
Support:-8088.60/8065/8055/ 7997/7960/7940/
7840/7759/ 7723.
Resistance:-8195.65/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.
As anticipated it closed below its
last long term moving average support point of 8137.71(it changes every day)
today but managed to hold its recent major bottom of 8088.20, please note that it
has multiple top and bottom in the range of 8091—8055 so it is a very strong
support area, furthermore going down neckline range of 8020—7980 and bottom of
7960 & 7940 will also lend good support, so the final breakdown will happen
below 7940. The overall technical parameters suggest weakness and indicates
that moderate to sharp fall may happen in coming days provided it sustains
below its last long term moving average support point of 8137.71(it changes
every day) for next 3-4 days, chances of which looks reasonably fair as of now.
Therefore long call should be avoided now but if initiated should be handled
with extreme caution and care.
It gave first sign of weakness on
26-10-2015(see my post for 27-10-2015) and since then it is going down every
day, therefore for safe trader it is still suggested to avoid long trade till
it shows visible sign of good strength or try near its last support range of
7960—40. Since it is near its good support range of 8091—8055 now, it may stage
a short bounce back rally from here, so aggressive trader can try long call above
8088 only with a stop loss of below 8020 but moving up it will face huge hurdle
at every step which may please be noted. It could be a risky trade. Therefore it is suggested to try short call
below 8088 with a stop loss of above
8160 on 30-10-2015. It would be worth trying.
Remark:-The long term
trend is down but the short and intermediate trend is up. In view of last three days weak session it
is suggested to avoid long call completely till it gives visible sign of some
kind of bottom formation, instead short call can be tried as suggested above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
CNX-BANK NIFTY--A TECHNICAL VIEW---30-10-2015
CNX--BANK NIFTY
Closed at 17207 on 29-10-15.
Support:- 17174/16670/16648/16192/15762.20.
Resistance:- 17246/17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.
After yesterday’s huge breakdown it
had a quite day today, it opened flat to positive at 17388.40 and made a high
of 17400.20 and then made a low of 17178.85 before closing the day near the low
at 17207. It is exhibiting huge weakness technically. Please note that it closed
below its important bottom of 17246.55 today and tested the next important
bottom of 17174.70 but managed to hold but if it breaks and close below this
bottom and sustain then it can drag it down to 16670/16648/16192& 15762
levels, chances of which are looking reasonably fair. The overall technical
parameters also indicate that it may witness moderate to sharp fall in coming
days/weeks. Therefore long call should be avoided for sure and every rise
should be used to initiate sell trade at appropriate points and with an
adequate stop loss till it closes above
17544(it changes every day) and sustain it for 3-4 days (see my post for
29-10-2015) . For 30-10-2015 sell call can be tried below 17174 with a
stop loss of above 17280.
Remark:-The long term
trend is down. In view of yesterday’s breakdown it is suggested to avoid long
call now instead try short call as suggested above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
Wednesday, 28 October 2015
CNX-NIFTY--A TECHNICAL VIEW--29-10-2015
CNX-NIFTY
Closed at 8171.20 on 28-10-15.
Support:- 8088.60/8065/8055/ 7997/7960/7940/
7840/7759/ 7723.
Resistance:- 8195.65/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.
It opened with a down gap at 8188.90
and made a high of 8209.10 and then steadily moved down and made a low of
8131.80 before closing the day at 8171.20. It violated its last long term
moving average support point of 8138.11(it changes every day) intra- day but managed
to bounce back but closed below its most critical bottom of 8195.65 which is a
bad sign and indicates weakness. You would recall that I wrote about it showing
sign of fatigue and suggested to avoid long trade below 8285 instead suggested
to try short call below 8250& 8195(see my post for 23rd & 27th
Oct-2015)so restlessness is showing up now in it but even then technically it is better placed in comparison with Bank
Nifty because it is still holding up its last long term moving average support point of
8138.11(it changes every day),it recent major bottom of 8088.60 and the Head
& Shoulder pattern neckline range of 8020—7980 therefore it is still not
that bad technically as yet. Although it gave first sign of crack by closing
below it critical bottom of 8195.65 but it will exhibit potential weakness if
it closes below 8138 & 8088 and sustain and finally it will break down below
7980 level. Please note that looking at last two days price movement and negative
divergence on RSI it is likely to break 8138 & 8088 mark in coming days and
then may head for further fall also, therefore for safe trader it is suggested
to avoid long call now but since it is holding onto three key points now therefore
aggressive trader can try long call on
dip but not below 8138 with a stop loss of below 8050, it could be a
risky trade mind you. Short call can be tried if it consistently trades below
8195.65 with a stop loss of above 8240 on 29-10-2015.
Remark:-The short and
intermediate trend is looking up. Since it has closed below it critical bottom
of 8195.65 today, therefore it is suggested to avoid long call now till it
closes above 8195.65 and sustain it for at least 2-3 days. So long call for
safe traders is ruled out for tomorrow instead short call can be tried as suggested
above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
CNX-BANK NIFTY-A TECHNICAL VIEW--29-10-2015
CNX--BANK NIFTY
Closed at 17373.15 on 28-10-15.
Support:- 17246/17174/16670/16648/16192/15762.20.
Resistance:- 17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.
It opened with a down gap at 17589.35
and made a high of 17682.45 and thereafter plunged down sharply and made a low
of 17281.40 before closing the day at 17373.15.
Please note that it could not hold
the up side breakout from the neckline it gave again on 23-10-2015 and fell sharply
below it on the 4th day today, decisively broken its short term
rising trend line, also broken its last critical long term average support
point of 17547.34(it changes every day) and recent multiple bottom range of 17434--17401
and closed below all the important points today, which indicates gross weakness
in it and suggest that it could witness moderate to sharp fall in coming days,
however in between short up rally cannot be ruled out . You would recall that I
wrote about it showing sign of fatigue
and suggested to avoid long trade below 18035 mark , in fact I had given sell
call below 17750(see my post for 27-10-2015).
There was a complete breakdown in it today,
therefore it seems that the on-going up move has possibly ended for good, so it
is suggested to adopt sell on the rise strategy now with adequate stop losses till it closes above its first critical point
of 17547.34(it changes every day) and sustain it for at least 3-4 days. It is
important to mention here that since it gave gap down opening it could make an
attempt to fill the gap in next 3-4 days time and if it does then it could come
to 17738--17780 level. However nothing to fear in short trade even if it comes
to this level because looking at overall technical parameters it seems that is
not likely to sustain above its critical point of 17547.34 for 3-4 days. Please
do not sell beyond 17780 and the final stop loss would be above 17860, safe
trader should not sell beyond 17570 and the stop loss would be above 17670. It
is suggested to avoid long trade now.
Remark:-The long term
trend is down. It had a complete breakdown today so buying is ruled out till it
closes above its critical point of 17547.34 and sustains it for 3-4 days,
instead it is suggested to try short call on the rise with an adequate stop
loss.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
Monday, 26 October 2015
CNX-NIFTY-A TECHNICAL VIEW--27-10-2015
CNX-NIFTY
Closed at 8260.55 on 26-10-15.
Support:-8195.65/8088.60/8065/8055/ 7997/7960/7940/
7840/7759/ 7723.
Resistance:-8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.
It did close just above its most
critical point of 8285 on 23-10-2015 but could not sustain it and closed the
day near the low at 8260.55. As I have mentioned in my last post that it is
showing sign of fatigue and today’s weak move somewhat confirms it, therefore until
and unless it closes above 8285 and sustain it for at least 2-3 days long call
should be avoided. However the short range for the Nifty for the on-going week
is between 8340—8215 and the broad range is between 8340—8115 so based on these
range aggressive trader can take both side trading calls. Although it is not
showing potential price weakness as yet but failed to show the desired strength
also which is concerning and looking at today’s price behavior it is suggested to avoid long call below
8250 on 27-10-2015. Please note that if it consistently starts trading below
8215 then avoid long call for the entire week till it bounces back above it again. In view of the above
observation it is suggested to avoid long call now but those who wish to take
should be extra vigilant and careful in their trade because the bias seems to
be on the downside now, therefore short call can be tried below 8250 and below
8195 with a stop loss of above 8295 and 8262.
It is important to mention here that
break and close below 8195.65 and then 8137(it changes every day) will give
first sign of crack and finally break and close below 8088 and 8000 will end the
up move for good.
Remark:-The short and
intermediate trend is looking up. It is suggested to avoid long call till it
closes above 8285 and sustain it for at least 2-3 days. Therefore for safe
trader long call is ruled out for tomorrow instead short call can be tried as
suggested above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
CNX--BANK NIFTY-A TECHNICAL VIEW--27-10-2015
CNX--BANK NIFTY
Closed at 17815.05 on 26-10-15.
Support:-17738/17719/17652.35/17565/17502.45/17434.05/17401.20.17246/17174/16670.
Resistance:-17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60/18980.65/19100.55/19229.05.
It gave upside breakout from the
neckline again on 23-10-2015 but hovered around it the next day and in fact had
a down day whereas the breakout generally is followed by few up days, anyway it
is still holding the neckline and the short term rising trend line which would
be at 17750(it changes) for 27-10-2015 but it’s price movement exhibited some weakness
today, after hitting a high of 18029.05 for the day it closed at 17815.05 near
the low of 17798.65 for the day which is a bad sign, therefore it is suggested
to avoid long call below 17798 and below 17750 &17700 for sure on
27-10-2015. However the short range for the Bank Nifty for the on-going week is
between 18035—17700 and the broad range is between 18035—17540 so based on
these range aggressive trader can take both side trading calls, but seeing
today’s movement it would be safe to try long call above 18035 with a stop loss
of below 17930. It is worth trying short call if it consistently trades below
17750 with a stop loss of above 17825.
Please note that moving down it will
have critical support point at 17548(it changes every day) and at 17401 and
break and close below these levels will mark the end of this move and indicative of a possible start of a
new down move.
Remark:-The short and
intermediate trend is looking up. It is suggested to avoid long call below
17798 and below 17750& 17700 for sure on 27-10-2015.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
Thursday, 22 October 2015
CNX-NIFTY--A TECHNICAL VIEW--23-10-2015
CNX-NIFTY
Closed at 8251.70 on 21-10-15.
Support:-8195.65/8088.60/8065/8055/ 7997/7960/7940/
7840/7759/ 7723.
Resistance:-8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.
Although it is still holding its most
important level of 8195.65 for last three trading session but it has failed to
close above the momentum picking up point of 8285 which is causing concern and
showing some sign of fatigue also in this on-going rally but there is no sign of price weakness as yet.
Please note that it has been moving in a very short range for last three days,
furthermore it made double top in last two days at 8294.40, since it is moving
in a short range it could give either side movement in coming days for sure and
looking at last two days price behavior it seems that it could head lower, therefore
it would be safe to try fresh long call if it moves above 8294.40 and sustain.
The important range for it now is 8294.40—8195.65---8130--- 8040---8000. Aggressive
trader can try long call near the above levels also with an adequate stop loss.
It is important to mention here that
break and close below 8195.65 and then 8130(it changes every day) will give
first sign of crack and finally break and close below 8088 and 8000 will end the
on-going move for sure.
TRADING STRATEGY FOR-23-10-15
1. Long trade should only be tried if
it moves above 8295 and sustain with a stop loss of close below 8217.
2. Aggressive day trader can try long
call near 8195.65 or near 8130 but not below these levels with a stop loss of close
below 8130 & 8040. It could be a risky trade.
3. Aggressive day trader can try
short call if it consistently starts trading below 8295 and not above with a
stop loss of above 8325. It could be a
risky trade but worth trying.
Remark:-The short and
intermediate trend is looking up. Since it has been moving in a short range for
last three days and made double top at 8295, therefore long call should only be
tried if it moves above 8295 and sustain because if it fails to cross the said
mark in next 3-4 days time then it could head lower, chances of which are 60:40 as of now. I once again reiterate
to avoid long call below 8295.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
CNX-BANK NIFTY--A TECHNICAL VIEW--23-10-2015
CNX--BANK NIFTY
Closed at 17710.55 on 21-10-15.
Support:-17652.35/17502.45/17434.05/17401.20.17246/17174/16670/16648.
Resistance:-17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60/18980.65/19100.55/19229.05.
After the decisive breakout from the
neckline on 16-10-2015 it should have reasonably moved up from the neckline in
following days. But in fact it kept languishing near the neckline for next two
days and fell below it today which shows weakness and indicates that it was a
weak breakout and now this rally is showing sign of fatigue. Please note that
the neckline now stands at 17805(it changes) and the short term rising trend
line at 17620(it changes every day), It is therefore suggested to avoid long
call now and try it only if it gives
up-side breakout from the neckline again
and sustain it for 3-4 days. Moving down it has critical support point at
17542(it changes) and 17401 and break and close below these levels will mark
the end of this on -going up move and indicative of a possible start of a new down
move. Seeing today’s movement things are not looking great therefore long call
should be avoided for sure till clarity on its strength emerges.
TRADING STRATEGY FOR-23-10-15
1.Avoid long call for now but
aggressive trader can try it near 17542 but not below this with a stop loss of
close below 17400.It could be a risky
trade.
2. Short call can be tried if it consistently trades below 17805 with
a stop loss of above 17910.It could be a
risky trade but worth trying.
3.Aggressive trader can try short
call if it consistently trades below
17620 with a stop loss of above 17690 and add on position below 17542 and 17400
with a stop loss of above 17630 and 17550 respectively.
Remark:-The short and
intermediate trend is looking up. Since it failed to hold the breakout level
and fallen below its neckline and also showing sign of fatigue, therefore long
call is ruled out for now till it gives decisive break out again and sustain,
instead short call can be tried as suggested above.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and trailing
stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
Saturday, 17 October 2015
CNX-NIFTY--A TECHNICAL VIEW--19-10-2015
CNX-NIFTY
Closed at 8238.15 on 16-10-15.
Support:- 8195.65/8088.60/8065/8055/ 7997/7960/7940/ 7840/7759/ 7723.
Resistance:-8246.40/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.
Finally it closed reasonably above
its most critical resistance point of 8195.65 today, so now as long as it holds
this level it will be OK for the up move and long trade can be initiated on the
decline but not below 8195.65 with a stop loss of close below 8088. Please note
that it will pick up momentum once it crosses 8285 mark and sustain and
thereafter moving up it would face stiff resistance in the range of 8392/8490/8562/8627/8655.
Since it has respected the neckline up-side breakout for last 10 days and
crossed its critical point of 8195.65 today, therefore it can be assumed that
nifty may achieve the Head & Shoulder pattern upside target which would be
in the range of 8500—8550 maximum (see my post for 28-9-2015) it may extend to
8650 level also, provided if it holds 8195.65 for next 3-4 days and then crosses
8285 level and sustain.
It is important to mention here that
break and close below 8195.65 and then 8131(it changes every day) will give
first sign of crack and finally break and close below 8088 and 8030 will end the
on-going move.
TRADING STRATEGY FOR-19-10-15
1. Long trade can be tried on the
decline but not below 8195.65 with a stop loss of close below 8088.
2. Long call can be tried near 8131.92 but
not below this with a stop loss of close below 8088.
3. Aggressive day trader can try
short call if it consistently starts trading below 8195.65 with a stop loss of
above 8250. It could be a risky trade.
Remark:-The short and
intermediate trend is looking up. Since it has closed above its critical point
of 8195.65 and if it holds this mark it could give moderate to good up move
from here, therefore it is suggested to adopt buy on dip strategy till it holds
8195.65 and then 8131 levels. Fresh long call below 8088 should be avoided.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
CNX-BANK NIFTY--A TECHNICAL VIEW--19-10-2015
CNX--BANK NIFTY
Closed at 17912.85 on 16-10-15.
Support:-17821/17738/17719/17652.35/17502.45/17434.05/17401.20.
Resistance:-18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60/18980.65/19100.55/19229.05.
As anticipated it gave a decisive
up-side breakout from the inverse Head & Shoulder pattern neckline today
and now if it holds 17720(it changes) level for next 3-4 days then moderate to
good rise can be expected and it can also be assumed that Bank Nifty may achieve
the Head & Shoulder pattern up-side target which is in the range of
19300—19500 maximum(see my post for 28-9-2015) in coming days. Moving up it
will face stiff resistance at 18200/18411/ 18586/18740/18922.60. In view of the breakout buy on dip strategy is
suggested but not below 17765(neckline) with a stop loss of close below 17700. Please
note that if it falls below the neckline then that will be the first sign of
weakness and finally break and close below 17537(it changes every day) and
17400 will end the on-going move. Therefore long call should be completely
avoided if it falls below the neckline and sustain.
TRADING STRATEGY FOR-19-10-15
1.Long call can be tried on the dip
but not below 17765 with a stop loss of close below 17700.
3. Short call can be tried if it consistently trades below 17700 with
a stop loss of above 17780.It could be a
risky trade.
Remark:-The short and
intermediate trend is looking up. Since it gave a decisive breakout from the
neckline today, therefore it is suggested to try long call on dip till it holds
the neckline mark of 17765(it changes).
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
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